• GUIDELINES FOR THE ESTABLISHMENT AND OPERATIONS OF DOWNSTREAM GAS FACILITIES

    Introduction The Department of Petroleum Resources (DPR) on Sunday, 11th October 2020 released Guidelines for the Establishment and Operations of Downstream Gas Facilities. The Guideline is issued pursuant to Petroleum Act 1969, Mineral Oils (Safety) Regulations (MOSR) 1997 and the Petroleum Regulations 1967. It stipulates the minimum requirements, procedures and conditions to be fulfilled before […]

  • THINGS TO KNOW IN TALKING WITH ANGEL INVESTORS

    Angel Investing is a type of business funding where high net worth individuals invest in early stage high growth private companies. Angel Investors fill the equity finance gap between start-up and seed capital (usually from founders and ‘family and friends’) and venture capital. Regulation of Business Angel Investment in Nigeria There are no specific regulations […]

  • EXPLORING SPECIAL PURPOSE ACQUISITION COMPANIES IN NIGERIA

    Special Purpose Acquisition Companies“SPACs” also known as blank check companies are duly registered public limited companies, formed to raise capital in an Initial Public Offering (“IPO”) with the purpose of using the proceeds to acquire one or more unspecified companies, businesses or assets (target companies) to be identified after the IPO. Spacs have been used […]

  • Africa Energy Update

  • THE PETROLEUM INDUSTRY BILL 2020: A SUMMARY

    Introduction It is no longer news that crude oil dominates Nigeria’s economy, accounting for about 90% of the country’s foreign exchange earnings. For some years now, successive governments have attempted to pass an all-encompassing Petroleum Industry Bill (PIB or the Bill) to no avail. Now, the present administration has sent a new PIB to the National Assembly. The […]

  • Africa Energy Update

  • USING SIDE POCKETS FOR ILLIQUID FUND ASSETS

    Hedge funds are a type of mutual funds that employ hedging techniques to minimize risk. There are no laws or rules that apply specifically to hedge funds in Nigeria. They are administered by professional investment managers and are not widely available to the public in that their investors are institutional investors or high net-worth individuals. […]

  • EXPLORING VENTURE CAPITAL FINANCING IN NIGERIA

    It is common knowledge that all businesses need finance or capital to start up, run or expand their businesses. Many Nigerian entrepreneurs, small businesses and companies do not have sufficient funds to finance their businesses or projects and may have to seek financing outside of themselves. Companies depending on their size and purpose of seeking […]

  • NERC MAKES MYTO COST-REFLECTIVE

    Introduction Further to the authority given under Section 76 of the EPSR (Electric Power Sector Reform) Act 2005, the Nigerian Electricity Regulatory Commission (NERC or the Commission) established a policy for determining electricity tariff in the Nigerian Electricity Supply Industry (NESI) and subsequently issued a Tariff Order called the Multi-Year Tariff Order (MYTO) that sets […]

  • DO YOU PAY VAT ON LEASED PROPERTIES?

    In Ess-ay Holdings Limited v. FIRS (Federal Inland Revenue Services), the Tax Appeal Tribunal “TAT”  ruled  that under the VAT Act, VAT is paid on the supply of goods and services and a lease is neither  a good or service and therefore not subject to VAT.  In reaching its decision, the TAT noted that the […]

  • Africa Energy Update

  • NIGERIAN SEC REGULATES DIGITAL ASSETS

    In line with the powers conferred on the Securities and Exchange Commission “SEC” “the Commission” by Section 13 of the Investment and Securities Act, 2007, the Commission recently issued a Statement on Digital Assets And Their Classification and Treatment “the Statement” to now regulate crypto-token or crypto-coin investments when the character of the investments qualifies as securities transactions. […]

  • COMPULSORY INSURANCE COVERS IN NIGERIA

    One of the biggest problems faced by the Insurance Industry in Nigeria is lack of awareness. Most people are not aware of the existence of Insurance neither do they know its relevance. There are certain insurance policies that the Federal Government of Nigeria has made compulsory for every individual and business in the country to […]

  • Africa Energy Update

  • CBN ISSUES REVISED GUIDELINES FOR PAYMENTS SERVICE BANKS

    On 27 August 2020, The Central Bank of Nigeria (CBN) released the revised Guidelines for Licensing and Regulation of Payment Service Banks (PSBs) in Nigeria ( the Revised Guidelines) to update the 2018 Guidelines for Licensing and Regulation of Payment Service Banks (PSBs) in Nigeria (the 2018 Guidelines). Minimum Capital Requirement for PSBS The CBN […]

  • WHAT IS ELECTRICITY COMPETITION TRANSITION CHARGE?

    The Nigerian Electricity Regulatory Commission (NERC or the Commission) pursuant to the provisions of Section 28 of the Electric Power Sector Reform Act (“EPSRA” or the “Act”) issued guidelines to provide regulatory guidance to distribution and trading licensees in filing applications to NERC for the collection of Competition Transition Charge (CTC ) “the Guideline”. What […]

  • CHANGES OCCASIONED BY THE COMPANIES AND ALLIED MATTERS ACT 2019

    In order to promote the ease of doing business in Nigeria, the Nigerian Senate passed the Companies and Allied Matters bill which was assented to by President Muhammed Buhari in August 2020. The new Companies and Allied Matter Act (CAMA) repeals the old Companies and Allied Matters Act of 2004. These are some of the […]

  • FINTECH AND PAYMENT SERVICE PROVIDERS

    Financial technology has gained acceptance within the country to remain competitive in the financial services ecosystem. ​Financial companies (FinTech) have emerged to offer operational services to Banks and other financial institutions, and the public. Our focus in this article shall be on switches as a payment system. Operation Of Fintech Companies FinTech companies basically operate as Payment Service Providers that […]